I've been on the hunt for transformative DeFi primitives since 2017, so today I’m thrilled to announce that @variantfund has co-led an investment with @a16z alongside 80 additional investors/angels in @MorphoLabs, a new type of lending primitive. 🧵
7 charts from google trends showing the state of the crypto bear market 👇🏼
NFTs vs Web3
Jun 7 • 8 tweets • 4 min read
Variant just backed @eulerfinance, a brand new type of lending protocol built on $ETH
Is this the future of lending? Wait it can really list all those assets? And it's actually safe?
You really need to get up to speed on $EUL 🧵
At @variantfund we believe that CeFi will be absorbed by DeFi someday. When you look at CeFi market sizes for comps, one thing is obvious: DeFi lending is easily a multi-trillion dollar market in waiting.
May 27 • 12 tweets • 6 min read
Stable yields on top lending protocols are down to less than 2%...but 10%+ #DeFi yields are far from dead.
Here's where the yield party went 👇🧵
Both undercollateralized (some collateral) and uncollateralized (no collateral) lending protocols have burst onto the scene recently, each with unique approaches to risk and identity. This post by @offdeblockchain@zeroaxelol dives into the world of UCL: polygontech.medium.com/the-crypto-loa…
May 26 • 8 tweets • 2 min read
Read this 🧵 to learn how Crypto VCs *actually* think about investing in liquid tokens 👇🏼
1. I would estimate that only a minority of funds in the space CANNOT allocate to liquid tokens
May 12 • 19 tweets • 5 min read
Read this 🧵 to go from 0 to 100 on stablecoin designs and risk 👇
First, what are stablecoins?
A stablecoin is a crypto asset whose price is "pegged" to the reference price of a reserve asset. The most popular reserve asset for stablecoins is one US dollar.
May 1 • 7 tweets • 2 min read
Increasingly confident we're getting NFTFi Summer as the right mix of financial primitives are on the brink of being ready for degens. My rough/quick/conservative math pegs the marketcap of NFTs to be ~$20B, of which only ~$200M of that (1%) is locked in DeFi. This will 10x easy.
The key piece of infrastructure that will soon be unlocked is lending, which will allow NFT collectors to go levered long on their existing NFTs. And b/c the category is so wide open, protocols will be forced to be highly competitive with their yields to attract capital.
Apr 13 • 5 tweets • 4 min read
1/Thrilled to announce that @Derekmw23 is forgoing his senior year to become our newest investment partner at Variant Fund, where he'll be focusing on #DeFi alongside myself and @gham1lt0n.
Read below for the inside story on how this happened 👇
2/As with many jobs in web3, Derek's journey to @variantfund began with him making the opp happen himself. Last year he DM'd me cold, explaining his interest in our internship role. At the time I didn't think much of it and encouraged him to apply 😬
Apr 1 • 7 tweets • 5 min read
1/Some thoughts on #Eth2 and @LidoFinance. As the merge draws near, the total amount of $ETH staked on Eth2 has passed 10M ($34.4B). @visavishesh points out in the latest @OurNetwork__ that the majority of new deposits are happening via Lido. To me this signals a new class...
2/...of participants has entered this market: investors, and not just any investors—marginal buyers of $ETH. Until recently most depositors were seemingly techies, ETH heads, and large long-term holders (e.g. Consensys) who rolled their own staking solutions. This is new money.
Apr 1 • 4 tweets • 1 min read
1/If you're long-term bullish on L1s w/ low fees (ie. all except $ETH) then you are implicitly betting on them sustaining some type of premium over time, monetary or otherwise. Simply put: You're betting on multiple L1s becoming money—or a brand new investment framework emerging.
2/It is going to take a long time for the market to settle on a widely accepted investment framework for L1s. But when the dust settles, I have strong conviction that the average L1 is not going to be priced as highly on a relative basis to the winner as it is today.
Mar 23 • 24 tweets • 11 min read
1/ Earlier this year @OurNetwork__ contributors and @DuneAnalytics created OurNetwork Learn: Web3’s first learn-to-earn data cohort program, hosted by @andrewhong5297 🧵
2/ The program spent 30 days teaching a cohort of 30 students how to analyze data in Web3 and communicate their work publicly.
Dec 29, 2021 • 9 tweets • 6 min read
7 signs $MATIC is on track to be a top 10 coin 👇
#1. $MATIC averages 300K DAUs (sending addresses) and has added more than 200K uniques in 13 consecutive weeks -- unprecedented traction for an emerging smart contract platform.
We are going to look back at these last few days of 2021 as a generational buying opportunity for NFTs, thanks to tax selling and idiosyncrasies with an emerging market structure.
And if we don’t I still think there’s a strong case this is the local bottom. Most collectors are speculators first, which is healthy for any new market, but they are financially savvy enough to lock in year-end losses by selling and re-buying the floor.
For #web3 builders and investors: 5 metrics that are essential to evaluating smart contract platforms 👇🏼
◽️ Daily Active Users
For most web3 builders, distribution to end users/overall reach is of the utmost importance. The best on-chain proxy for monitoring DAUs is to look at the number of daily unique accounts who sign a transaction.
Nov 12, 2021 • 6 tweets • 4 min read
Crypto analytics update. This week we witnessed one of the more significant crypto launches in recent memory, with @ensdomains launching the $ENS token via airdrop. The breadth of the launch was incredible, with more than 73k addresses claiming almost $800 million in $ENS tokens.
Whereas the vast majority of token launches have private investor allocations, $ENS did not. In fact, only 16 addresses received more than 1k tokens from the airdrop (h/t @joel_john95). Elsewhere in Web3 analytics we have @HopProtocol breaking the $100mm mark in transfer volume.
Oct 15, 2021 • 5 tweets • 3 min read
1/Examining some of the top on-chain #DeFi trends from this week 👇
2/Yearn's TVL is now $5.4 billion, a new all-time high, but perhaps just as impressive is the protocol's revenue. It did $15.2 million in Q3 revenue (+470% YoY growth).
Sep 23, 2021 • 16 tweets • 35 min read
For every RT this gets I will divulge one Twitter account I have notifications turned on for
1. @Jiran_z - god tier NFT wallet tracker 2. @lightcrypto - no BS market insights 3. @Zeneca_33 - NFT market commentary 4. @Krugman25 - my ETH diamond hands guru 5. @ceterispar1bus - unbiased insights on DeFi and crypto 6. @scott_lew_is - speaks his mind, usually 2 steps ahead
Sep 17, 2021 • 11 tweets • 4 min read
How to level up your crypto twitter game in 9 steps 👇
Rule #1: Be You.
- This is the golden rule.
- Don't try to be someone else; be your authentic self.
- If you are funny, lean into that.
- Don't worry about what others think.